- June 16, 2021
- Posted by: adm
- Category: AmCham News
The American Chamber of Commerce in Morocco (AmCham Morocco) and the US Mission to Morocco celebrated the 15th Anniversary of the U.S.-Morocco Free Trade Agreement on Monday, June 7th, 2021 at the U.S. Consul General residence Villa Mirador.
The U.S.-Morocco Free Trade Agreement was signed on June 15, 2004 and came into effect on January 1st, 2006. The United States has free trade agreements with only 20 countries, and Morocco is one of them.
The United States-Morocco FTA is a comprehensive agreement that supports the significant economic and political reforms undertaken by the kingdom of Morocco and provides for improved commercial and investment opportunities for the Moroccan and American private sector.
Since the entry into force of the FTA, the U.S.-Morocco bilateral trade has risen to $3.3 billion in 2020, up from $925 million in 2005 (the year prior to entry into force). U.S. exports to Morocco in 2020 totaled $2.3 billion and Morocco’s exports to the U.S. totaled $1.04 billion. Morocco is now the 55th largest export market for U.S. goods.
The FTA has also attracted American and international investments and spurred the development of value-added sectors and companies in high-tech sectors especially in the automotive, aeronautics and ICT sectors.
The U.S.-Morocco FTA continues to offer business opportunities for both countries and the increasing number of American companies and franchises in Morocco is a strong testament of these opportunities.
Since the FTA implementation, The U.S.-Morocco joint committee on Free Trade Agreement has met frequently to assist private sector companies with any trade barrier. The U.S. technical support to Morocco has also been strong and impactful thanks to the outstanding work of USAID, MCC, CLDP and MEPI.
The U.S. recognizes Morocco’s role as a critical ally and a key player in the regional economic development and is putting all the technical assistance and programs to help the country advance economic prosperity for its people.